Lockheed Martin has emerged as the leading bidder to acquire Ultra Maritime, a naval technology specialist owned by private equity firm Advent International, for approximately $3.5 billion, according to multiple sources familiar with the deal negotiations.
Ultra Maritime manufactures undersea defense technology including buoys that detect torpedoes and submarines, used by the US Navy and Britain’s Royal Navy, according to the Financial Times. The company specializes in anti-submarine warfare capabilities operating across air, surface, and undersea domains.
Under Advent’s stewardship, Ultra Maritime’s revenue is on track to jump to about $784 million in 2026 from $494 million in 2023, the Financial Times reported. Advent invested approximately $170 million in product development and sites over the past three years to boost production speed and deliveries as demand surged.
Lockheed Martin has been a selective acquirer in recent years. In 2015, the company acquired Sikorsky Helicopters for $9 billion, and last year it struck a $360 million deal to buy classified communications developer Amentum Rapid Solutions, according to the Financial Times.
The acquisition would expand Lockheed Martin’s presence in undersea warfare at a time when the defense contractor is among prime defense contractors at the center of US government efforts to increase weapons production to replenish stockpiles following US operations in Iran, the Financial Times noted. Lockheed Martin’s chief executive James Taiclet met with President Donald Trump in recent weeks as part of broader industry efforts to increase defense investment.
Ultra Maritime last year struck a partnership with Palmer Luckey’s defense tech group Anduril Industries to develop next-generation anti-submarine technology by combining Anduril’s autonomous subsea vehicles with Ultra Maritime’s sensors, according to the Financial Times. The company employs about 2,000 people across the Five Eyes intelligence-sharing alliance between the US, UK, Canada, Australia, and New Zealand.
Talks between Lockheed and Ultra Maritime were ongoing as of early July, with several other bidders pursuing the company as part of a competitive auction process, according to the Financial Times. Lockheed Martin and Advent declined to comment on the negotiations.
Sources
- Financial Times — Lockheed Martin’s frontrunner status, deal valuation, Ultra Maritime’s revenue growth, Advent’s investment, technology focus, employment base, and broader defense industry context
- Reuters — Confirmation of Lockheed Martin leading the race for Ultra Maritime acquisition
- Yahoo Finance — Deal valuation and undersea defense focus
- ION Analytics — Ultra Maritime’s anti-submarine warfare capabilities and defense technology specialization
